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#144522 - 12/31/03 01:20 PM 1098's
Anonymous
Unregistered

Are we required to send 1098 tax statements out on residential investment property or just owner-occupied?

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#144523 - 12/31/03 01:58 PM Re: 1098's
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,599
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The occupancy isn't relative to determining if one is required. The 1st page of the 1098 instructions will give you some help on determining when you should send one.

Here's a link to another discussion on 1098s. The final response has a link to the 1098 instructions.

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Last edited by Cowboy Fan; 12/31/03 02:07 PM.
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#144524 - 12/31/03 03:19 PM Re: 1098's
Anonymous
Unregistered

so if the borrower is a LLC and the collateral is a personal residence of one of the members of the LLC, the 1098 is not required?

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#144525 - 12/31/03 03:33 PM Re: 1098's
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,599
SC
True - you have to file on an individual (including a sole proprietor). However, there's nothing that says that you cannot file on LLCs, corporations, etc.
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